Top 5 offshore financial centers
- By Zhang Junmian
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china.org.cn, November 23, 2011
Cayman Islands 开曼群岛
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Ugland House, a 5-story office building in the urban area of the Grand Cayman island, is the domicile of over 19,000 companies, including such prestigious brands as Coca Cola, Oracle, Sina, Lenovo and Baidu. [pit.dirty.ru] |
This well-regulated offshore jurisdiction delivers services to both private and institutional sectors. Right now, nearly 50 of the world's largest banks are registered there, with the deposit on the Grand Cayman alone exceeding US$250 billion. More than 500 banks and trust companies have been registered there. It hosts many leading legal and accounting firms in the world, including the "Big Four." As of March 2011, there have been more than 8,000 private funds on Cayman Islands. It's no exaggeration to say that almost all of the most noted private funds have their holding operations or branches founded there.
It's also the world's second largest captive insurance domicile, and the host to over 40 percent of the world's hedge funds. Ugland House, a 5-story office building in the urban area of the Grand Cayman island, is the domicile of over 19,000 companies. Prestigious brands as Coca Cola, Oracle, Sina, Lenovo and Baidu. Most of them own only a mailbox address on the island.
There's no income tax, capital gains tax or corporate tax. Cayman has attracted a great number of international companies mainly due to its corporate law, which stipulates that companies registered and funded under the exemption clause are free to pay any tax in the following 20 years.
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